NEO price analysis: NEO/USD bulls claw back ground, fight for $8.00
|NEO broke free from the range and gained over 10% in recent 24 hours.
The upside momentum may be limited by a strong resistance on approach to $8.00.
Strong bullish momentum helped NEO climb to the 20th place in the global cryptocurrency rating. At the time of writing, NEO/USD is changing hands at at $7.8 with over 10% gains on a day-on-day basis. The coin touched $8.15 during early Asian hours but failed to hold the ground above critical resistance. NEO’s market value has exceeded $550 million, while an average daily trading volume hit $300 million.
NEO/USD, the technical picture
NEO/USD broke free from the tight range and extended the recovery towards the next strong resistance of $8.00. The first attempt to push higher was nit successful; however, once it is out of the way, the upside is likely to gain traction with the next focus on $8.54 (the middle line of one-day Bollinger Band) and psychological $9.00 strengthened by SMA50 (Simple Moving Average) daily.
On the downside, a sustainable move below $7.68 (Monday’s high) will lead to increased selling pressure and push the price towards the next critical barrier located on the approach to $7.00. Once below, will come back into focus.$6.70.
NEO/USD, four-hour chart
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